Four Things to Consider During Your Annual Employee Benefits Renewal Period
As we approach the year-end, many businesses will embark on their employee benefit renewal periods, the process of reviewing medical and dental benefits for the following year.
Here are four important tasks to complete with your Vinoble Benefits Advisor’s help each year:
Consider conducting a survey with your employees to gauge how satisfied they are with their current benefits. Do the deductibles, coverage, and network providers meet their needs?
Be sure to closely review the terms and conditions and look for any changes being made to the current policy. Your current policy may have a change to levels of coverage and/or deductibles. Even if the deductible changes are minimal ($500-$1,250), there could be an impact felt by your employees.
Assess your strategic growth plans for the coming year. Consider how your workforce has changed (in number of employees or coverage needs) or whether you expect changes based on your growth strategy. This might make a different plan structure more suitable.
Review pricing and offerings from alternative providers and Plans. Consider comparing fully-funded plans to level-funded plans. There are potential refunds available.
Vinoble Group is ready to help answer any questions that you and your employees have about your coverage. We’re committed to helping small businesses find the best and most cost-effective benefit plans for their employees.